BUSINESS

Bankruptcy is a legal process in which a person or business declares that they are unable to pay their debts. There are many different types of bankruptcy, each with its own unique set of benefits and drawbacks. Types of Bankruptcy: Chapter 7: Also known as liquidation, this is the most common type of bankruptcy for […]

Definition: A paradigm shift is a fundamental change in the way a particular field of knowledge is understood and practiced. It is a fundamental change in the concepts, theories, methods, and practices that dominate a field. Key Features: Change in fundamental assumptions: The shift includes a change in the fundamental assumptions and beliefs underlying the […]

Definition: Inferior goods are products that have a low demand and low price. They are typically inexpensive and of poor quality. Characteristics: Low demand: Inferior goods are not desirable to consumers, and they have a limited market. Low price: They are inexpensive to purchase, usually at a price well below the cost of other goods. […]

Definition: Logistics is the management of flow and movement of people, products, and information. It encompasses a wide range of activities, including transportation, warehousing, inventory management, and order fulfillment. Key Functions: Planning: Defining the scope, objectives, and resources required for logistics operations. Execution: Implementing and managing transportation, warehousing, and other logistics services. Control: Monitoring and […]

Definition: Absenteeism is the phenomenon of an employee’s absence from work due to various factors, including illness, personal leave, or other legitimate reasons. It is a common human resource management (HRM) issue that can have a significant impact on organizations. Causes of Absenteeism: Illness: Viral infections, chronic illnesses, and injuries can cause employees to absent […]

Definition: Overhead is a type of indirect cost that is not directly related to the production or sale of a product, but is necessary for the company’s operations. These costs include items such as rent, depreciation, interest expense, and depreciation. Examples of Overhead Costs: Rent Depreciation Interest expense Utilities Insurance Depreciation of equipment Employee salaries […]

Code of Ethics for Professionals Preamble: The purpose of this Code of Ethics is to guide professionals in maintaining the highest ethical standards and ensuring the public’s confidence in the profession. It applies to all members and affiliates of the [Professional Organization]. Core Principles: 1. Integrity:– Maintaining honesty and integrity in all professional dealings.- Abstaining […]

Value Chain The value chain is a framework that describes the sequence of activities that a company undertakes in creating, delivering, and exchanging a product or service. It includes all the activities involved in the process from raw material procurement to final customer delivery. Key Activities in the Value Chain: 1. Procurement: Acquiring raw materials, […]